Survey: 40 percent have cut back their spending

Donna Gehrke-WhiteSun Sentinel

Almost half of us cut spending in the last 60 days, according to the September Financial Security Index of Bankrate.com that is based in North Palm Beach.

“Forty percent of Americans say they have cut back on spending in the past 60 days due to the roller-coaster stock market or concerns about the economy. That is how recessions are born,” said Greg McBride, CFA, Bankrate’s senior financial analyst.

All income groups reported closing the wallet in the last 60 days.

Some 37 percent of those households with an income of $75,000 or more cut back while 43 percent of the lowest wage earners -- those making under $30,000 a year -- reduced spending.

The middle-aged were the most likely to limit their buying -- almost half at 46 percent, while just a third of those under age 30 cut back.